Iran is only weeks away from reconnecting to global banks

by Lobo Fri 22 Jan 2016, 5:43 pm

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Post n°1

Iran is only weeks away from reconnecting to global banks

by Lobo Fri 22 Jan 2016, 5:43 pm

First topic message reminder :

Iran is only weeks away from reconnecting to global banks
International banks are preparing to re-establish lnks with their Iranian counterparts using the SWFiIT transactions system, the head of Iran's Middle East Bank told Reuters on Friday.

But it is likely to take at least two weeks before the connections will be set up, which will allow Iranian lenders to engage with the global banking world for the first time since international financial restrictions were imposed in 2012.

A nuclear deal between world powers and Iran led to the removal of the curbs on Tehran's banking, insurance and shipping sectors at the weekend, as well as restrictions on oil exports.

The SWIFT system, or Society for the Worldwide Interbank Financial Telecommunications, is used to transmit letters of credit and payments.

"We have sent almost 40 SWIFTS to different banks around the world and we have requested that now that the sanctions are lifted, we would like to exchange documents and whether they will consider a correspondent banking relationship," said Parviz Aghili, chief executive and managing director of Tehran-based Middle East Bank.

"Some of them have come back and have asked for various questions, for documents they need."

"My feeling is it is going to take a couple of weeks or so before we start to see proper re-engagement. It will be slowly, slowly," he said in an interview.

Aghili said other Iranian banks were in the same situation regarding SWIFT as his company, which is privately owned by investors that include small and medium-sized Iranian firms.

SWIFT did not respond to a request for comment on the status of communication between Iranian and international banks on its system.

Aghili also said he anticipated Iran's central bank would at some point force lenders to adhere to international capital standards, known as Basel III - a move that would press them to bolster their balance sheets.

A senior official with Iran's central bank declined to comment when asked on Friday about possible measures.
http://www.businessinsider.com/r-exclusive-iran-to-be-hooked-up-to-global-banks-in-weeks-middle-east-bank-2016-1?utm_source=feedburner&%3Butm_medium=referral&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29

by Screwball Fri 22 Jan 2016, 6:52 pm

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Post n°11

Re: Iran is only weeks away from reconnecting to global banks

by Screwball Fri 22 Jan 2016, 6:52 pm

fonz1951 wrote:

Screwball wrote:All I know is I have millions of this currency as well!

i have given it some thought over the years, but never bought any. might have been a mistake, but that's how the old cookie crumbles. but, i do have other currencies. i hope it does hit for you, that would be nice.if it does and you become a multi- millionaire just remember i'm up for adoption!

I hVe always said got to be in to win it! It was an investment! But me thinks I might have to buy 20,000,000 it is cheap! Or relatively cheap! And I will travel any where to cash in!

by Lobo Fri 22 Jan 2016, 6:58 pm

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Post n°12

Re: Iran is only weeks away from reconnecting to global banks

by Lobo Fri 22 Jan 2016, 6:58 pm

Screwball, keep it - it will be worth something at some point. Russia is not in the Middle East for nothing, with BRICS, AIIB, etc., Iran is poised to be an international player.

by sassy Sat 23 Jan 2016, 5:15 am

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Post n°13

Re: Iran is only weeks away from reconnecting to global banks

by sassy Sat 23 Jan 2016, 5:15 am

I didnt think it was for sale yet, was told it would be the next currency to reval after the dinar a few years back

by duck2000 Sat 23 Jan 2016, 5:22 am

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Post n°14

Re: Iran is only weeks away from reconnecting to global banks

by duck2000 Sat 23 Jan 2016, 5:22 am

please post pics of those nice rials we would like to see em !

by duck2000 Sat 23 Jan 2016, 5:35 am

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Post n°15

Re: Iran is only weeks away from reconnecting to global banks

by duck2000 Sat 23 Jan 2016, 5:35 am

and here your sanctions>> seeing it was so hard to find em! lol.. https://www.treasury.gov/resource-center/sanctions/Programs/Pages/iran.aspx

by Screwball Sat 23 Jan 2016, 5:42 am

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Post n°16

Re: Iran is only weeks away from reconnecting to global banks

by Screwball Sat 23 Jan 2016, 5:42 am

sassy wrote:I didnt think it was for sale yet, was told it would be the next currency to reval after the dinar a few years back

Not sure about next only bought it because of the oil and the fact that they said they will be removing 4 zeros! And that was supposed to happen 2013-2014